As energy prices continue to surge across the UK, many businesses are feeling the pressure. On a recent episode of GB News’ “On the Money”, hosted by Liam Halligan, Callum Thompson, Managing Director of Business Energy Claims, joined Justin Urquhart Stewart, Chairman & Co-founder of Regionally, to discuss the causes of rising energy costs and what businesses can do to protect themselves.
Why Are Energy Prices Increasing?
Callum highlighted several key factors contributing to the ongoing rise in energy prices:
- Geopolitical tensions, particularly between Russia and Ukraine
- Inflationary pressures affecting global supply chains
- Supplier strain, with many struggling to absorb costs
- Lack of business price caps, unlike household protections
He warned that without intervention, many UK businesses could face insolvency due to unsustainable energy costs.
No Price Cap Protection for Businesses
Unlike domestic consumers, UK businesses are not protected by energy price caps. This means commercial energy rates can fluctuate dramatically, often resulting in significantly higher bills. Callum urged the government to take action and offer support to struggling businesses.
How Can Businesses Lower Their Energy Bills?
When asked how businesses can respond to rising costs, Callum offered practical advice:
“Buy sensibly, try not to panic, and ensure that you’re buying for the right term.”
Here are a few strategies businesses can use:
- Review your energy contracts regularly
- Avoid panic buying during market spikes
- Seek expert advice to secure competitive rates
- Consider fixed-term contracts to protect against future increases
- Check for hidden commissions if you’ve used an energy broker
Get Help from Business Energy Claims
If you’re unsure whether your business is overpaying for energy, Business Energy Claims offers a free, no-obligation review of your energy contracts. We operate on a No Win, No Fee basis and have helped thousands of UK businesses recover hidden fees and reduce their energy costs.